Business
AGM Statement
AGM Statement.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0406P\n Igas Energy PLC\n 05 June 2020\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n 5 June 2020\n \n IGas Energy plc (AIM: IGas)\n (\"IGas\" or \"the Company\")\n \n Interim Chairman's 2020 Annual General Meeting (\"AGM\") Statement\n \n IGas today provides the following statement in advance of the Company's AGM which is being held at 10.30am today. \n Cuth McDowell, Interim Non-executive Chairman said:\n \n \"I would like to begin by paying a tribute to all of our staff who have been working so hard to keep the business running and providing vital support to the country, by continuing to produce oil and gas onshore, during these most unpredictable and challenging of times.\n \n \n The health and wellbeing of our people, partners and the \n communities in which we operate\n remains the \n Company\n 's overriding priority. \n As key workers\n , activity across the \n business\n has continued with strict adherence to Government advice\n and the Company adapted quickly to remote working, where possible, in March. \n Our\n procedures remain under regular review to \n maintain safe working environments and stay in line with the most recent government guidance.\n \n \n Reflecting on our 2019 results, we continued to deliver on our strategic priorities and set about further reducing our financing costs through a $40 million Reserve Based Lending facility (RBL), which was secured in October 2019. I am pleased to announce today that we have successfully completed the RBL redetermination (a semi-annual recalculation), confirming US$29 million (£23.3 million) of debt capacity and current headroom of US$13 million (£10.5 million). \n Operationally, in 2019, we delivered production well within guidance, made progress in advancing incremental production projects and made a potentially world-class discovery at our Springs Road well site.\n As is well documented, the early part of 2020 has been a turbulent one for not only this industry, but for each and every one of us. We have had to re-evaluate short term priorities to weather the oil price disruption and COVID-19 impacts.\n \n As announced on 1 May, we took the prudent decision to temporarily shut-in a number of sites during May and June, which will have a positive impact on our cash flow during these t...